KARACHI — The Securities and Exchange Commission of Pakistan (SECP) hosted a roundtable titled “The Future of Takaful in Pakistan” in Karachi on October 16, 2025, as part of its ‘Insured Pakistan’ five-year strategic plan.
The event brought together Shariah advisors, international insurance brokers (AON and Guy Carpenter), and representatives from the insurance industry to discuss the development of the Takaful sector.
Commissioner Mr. Mujtaba Ahmed Lodhi led the initiative, aimed at identifying policy and regulatory measures to boost Takaful’s market share, enhance Shariah-compliant financial inclusion, and support ongoing economic growth and regulatory reforms.
In his welcome address, Mr. Lodhi emphasized the importance of collective ownership in driving the transition to Takaful and reaffirmed SECP’s commitment to providing a supportive regulatory environment.
Mufti Ehsan Waqar, a member of the SECP’s Shariah Advisory Board, discussed the significance of transitioning to Shariah-compliant insurance following recent constitutional reforms, highlighting key challenges and the need for collaboration.
The SECP team outlined the challenges and priorities for the Takaful sector and its broader efforts to promote Islamic finance. Representatives from the Insurance Association of Pakistan identified issues such as limited re-Takaful capacity and the conversion of conventional insurance products.
International insurance brokers shared insights into global trends in reinsurance and re-Takaful, highlighting both challenges and opportunities for Pakistan’s Takaful industry.
The roundtable concluded with an open discussion focusing on addressing re-Takaful capacity challenges, fostering innovation, and strengthening industry collaboration. Participants commended the SECP’s proactive approach and committed to advancing the Takaful industry in line with Pakistan’s vision of becoming a fully insured nation.
